Business Editors
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Oct. 22, 2002
U.S. Xpress Enterprises, Inc. (Nasdaq/NM: XPRSA) today reported that operating revenue for the third quarter ended September 30, 2002, increased 6.1% to $220.1 million compared with $207.5 million for the quarter ended September 30, 2001. For the nine months ended September 30, 2002, revenues increased 6.1% to $632.9 million from $596.5 million in the prior-year period.
The Company reported net income of $1.1 million, or $0.08 per common share - diluted, for the quarter compared with net income of $304,000, or $0.02 per common share - diluted, for the prior-year period. For the first nine months of 2002, the Company reported net income of $1.7 million, or $0.12 per share, before a $1.1 million extraordinary item for the early extinguishment of debt, compared with a net loss of $529,000, or $0.04 per share, for the prior-year period. Giving effect to the extraordinary item, the Company reported net income of $577,000, or $0.04 per share, for the first nine months of 2002.
Patrick Quinn, Co-Chairman, stated, "We are encouraged with the trend of year over year improvements in revenues and operating income generated in each quarter of 2002 in both U.S. Xpress truckload and CSI/Crown operations. Excluding the effect of fuel surcharges, our truckload revenues for the third quarter increased 5.5% driven by a 2.7% increase in average revenue per tractor per week and a 1.7% increase in the average tractor fleet. Operating income in our truckload operations increased 18.1% to $5.8 million, despite the negative impact of steadily rising fuel prices which adversely impacted our truckload operating income by over $600,000, or $0.02 per share, compared to the third quarter of 2001.
"Revenues in our CSI/Crown operation increased by 24.3% in the quarter as revenues in our airport-to-airport transportation business increased by over 28%, and strong demand in our floorcovering logistics business provided for a 21% increase in revenues. CSI/Crown experienced improved year over year operating results in both our floorcovering and airport-to-airport transportation businesses during the quarter."
Max Fuller, Co-Chairman, added, "Despite the progress we are making on increasing operating efficiencies, we still have much room for improvement in each of our operating segments. Our primary goal for the balance of the year and 2003 will be to translate ongoing initiatives to increase margins within each of our operating segments into improved earnings performance."
Investor Conference Call and Simulcast
U.S. Xpress Enterprises, Inc. will conduct a conference call, at 11:00 am EDT on October 23, 2002, to discuss this quarter's results. The number to call for this interactive teleconference is (913) 981-5548. A seven-day replay of the conference call will be available by dialing (719) 457-0820 and entering the passcode, 467051.
The Company will also provide an online Web simulcast and rebroadcast of its 2002 third quarter earnings release conference call. The live broadcast of U.S. Xpress' quarterly conference call will be available online at the Company's website, www.usxpress.com, as well as http://www.firstcallevents.com/service/ajwz367680064gf12.html on October 23, 2002, beginning at 11:00 a.m. EDT. The online replay will follow shortly after the call and continue through November 6, 2002.
U.S. Xpress Enterprises, Inc. is the fifth-largest publicly owned truckload carrier in the United States. The Company provides regional, dedicated and expedited truckload services throughout North America, with regional capabilities in the West, Midwest and Southeastern United States. The Company is one of the largest providers of expedited and time-definite services in the truckload sector. U.S. Xpress focuses on customers operating in dedicated, just-in-time or deferred airfreight market segments, while utilizing one of the largest team-operated fleets in the industry. CSI/Crown, Inc., a wholly owned subsidiary, is the leading provider of transportation, warehousing and distribution services to the floor coverings industry. Dedicated Xpress Services, a division of CSI/Crown, provides airport-to-airport transportation services to the airfreight and airfreight forwarding industries through a network of 81 locations in North America. CSI/Crown also provides distribution-related services to a number of other industries, including retail, automotive and building materials. The Company also offers logistic services through its joint ownership of Transplace, an Internet-based global transportation logistics company.
This press release contains certain forward-looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Without limitation, these risks and uncertainties include economic recession or downturns in customers' business cycles, rapid fluctuations in fuel pricing or availability, increases in interest rates, the availability of adequate sources of financing and the availability of qualified drivers. Readers are urged to carefully review and consider the various disclosures made by the company in this press release and in the company's periodic reports on forms 10-K and 10-Q.
U.S. XPRESS ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------ ------------------ 2002 2001 2002 2001 -------- -------- -------- -------- Operating Revenue $220,066 $207,464 $632,921 $596,482 -------- -------- -------- -------- Operating Expenses: Salaries, wages and benefits 77,982 78,435 228,575 226,683 Fuel and fuel taxes 30,437 33,198 85,728 99,358 Vehicle rents 17,034 18,355 52,517 49,204 Depreciation and amortization, net of gain on sale 9,253 8,643 27,436 26,631 Purchased transportation 37,939 27,323 103,901 74,930 Operating expense and supplies 16,349 13,833 45,277 40,452 Insurance premiums and claims 9,830 7,730 29,910 23,122 Operating taxes and licenses 3,274 3,678 9,663 10,282 Communications and utilities 2,768 2,857 8,442 8,682 General and other operating 9,391 9,260 27,181 26,068 -------- -------- -------- -------- Total operating expenses 214,257 203,312 618,630 585,412 -------- -------- -------- -------- Income from Operations 5,809 4,152 14,291 11,070 Interest Expense, net 3,194 3,473 9,934 11,683 Other (72) 50 198 146 -------- -------- -------- -------- 3,122 3,523 10,132 11,829 Income (Loss) Before Income Taxes 2,687 629 4,159 (759) Income Tax Provision (Benefit) 1,605 325 2,474 (230) -------- -------- -------- -------- Income (Loss) Before Extraordinary Item 1,082 304 1,685 (529) Extraordinary loss on early extinguishment of debt, net of income taxes of $668 - - (1,108) - -------- -------- -------- -------- Net Income (Loss) $1,082 304 $577 $(529) ======== ======== ======== ======== Earnings (Loss) Per Share Before Extraordinary Item - basic 0.08 0.02 0.12 (0.04) Extraordinary Item - basic - - (0.08) - Earnings (Loss) Per Share - basic $0.08 $0.02 $0.04 $(0.04) ======== ======== ======== ======== Earnings (Loss) Per Share Before Extraordinary Item - diluted 0.08 0.02 0.12 (0.04) Extraordinary Item - diluted - - (0.08) - Earnings (Loss) Per Share - diluted $0.08 $0.02 $0.04 $(0.04) ======== ======== ======== ======== Weighted average shares - basic 13,930 13,783 13,878 13,747 Weighted average shares - diluted 14,109 13,832 14,068 13,747 U.S. XPRESS ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------ ------------------ 2002 2001 2002 2001 -------- -------- -------- -------- Operating Revenue 100.0% 100.0% 100.0% 100.0% -------- -------- -------- -------- Operating Expenses: Salaries, wages and benefits 35.4 37.8 36.1 38.0 Fuel and fuel taxes 13.8 16.0 13.5 16.7 Vehicle rents 7.7 8.8 8.3 8.2 Depreciation and amortization, net of gain on sale 4.2 4.2 4.3 4.5 Purchased transportation 17.2 13.2 16.4 12.6 Operating expense and supplies 7.4 6.7 7.2 6.8 Insurance premiums and claims 4.5 3.7 4.7 3.8 Operating taxes and licenses 1.5 1.8 1.5 1.7 Communications and utilities 1.3 1.4 1.3 1.4 General and other operating 4.4 4.4 4.4 4.4 -------- -------- -------- -------- Total operating expenses 97.4 98.0 97.7 98.1 -------- -------- -------- -------- Income from Operations 2.6 2.0 2.3 1.9 Interest Expense, net 1.4 1.7 1.6 2.0 Other 0.0 0.0 0.0 0.0 -------- -------- -------- -------- 1.4 1.7 1.6 2.0 Income (Loss) Before Income Taxes 1.2 0.3 0.7 -0.1 Income Tax Provision (Benefit) 0.7 0.2 0.4 0.0 -------- -------- -------- -------- Income (Loss) Before Extraordinary Item 0.5 0.1 0.3 -0.1 Extraordinary loss on early extinguishment of debt, net of income taxes of $668 0.0 0.0 -0.2 0.0 Net Income (Loss) 0.5% 0.1% 0.1% -0.1% ======== ======== ======== ======== U.S. XPRESS ENTERPRISES, INC. KEY OPERATING FACTORS Three Months Ended Nine Months Ended September 30, September 30, % % 2002 2001 Change 2002 2001 Change -------- -------- ----- -------- -------- ------ OPERATING RATIO 97.4% 98.0% -0.6% 97.7% 98.1% -0.4% OPERATING REVENUE: US Xpress, net of fuel surcharge $193,760 $183,674 5.5% $561,705 $531,681 5.6% Fuel Surcharge 4,349 6,595 -34.1% 8,929 22,121 -59.6% CSI/Crown 30,098 24,212 24.3% 83,044 58,086 43.0% Inter-company (8,141) (7,017) 16.0% (20,757) (15,406) 34.7% -------- -------- ----- -------- -------- ------ Total Operating Revenue $220,066 $207,464 6.1% $632,921 $596,482 6.1% OPERATING INCOME: US Xpress $5,769 $4,886 18.1% $13,757 $11,927 15.3% CSI/Crown 40 (734) n/a 534 (857) n/a -------- -------- ----- -------- -------- ------ Total Operating Income $5,809 $4,152 39.9% $14,291 $11,070 29.1% TRUCKLOAD STATISTICS: Total Revenue Miles (000's) 151,873 148,867 2.0% 445,860 434,298 2.7% Revenue Per Mile (a) $1.261 $1.228 2.7% $1.248 $1.218 2.5% Revenue Per Total Mile (a) $1.135 $1.103 2.9% $1.123 $1.097 2.4% Tractors (at end of period) - Company Owned 4,263 4,440 -4.0% 4,263 4,440 -4.0% Owner Operators 1,013 748 35.4% 1,013 748 35.4% -------- -------- ----- -------- -------- ------ Total Tractors (at end of period) 5,276 5,188 1.7% 5,276 5,188 1.7% Average Number of Tractors in Fleet During Period 5,323 5,252 1.4% 5,296 5,118 3.5% Average Miles Per Tractor Per Week 2,167 2,167 0.0% 2,159 2,176 -0.8% Average Revenue Per Tractor Per Week $2,732 $2,660 2.7% $2,695 $2,651 1.7% September 30, 2002 December 31, 2001 ------------------ ------------------ BALANCE SHEET DATA Total Assets $442,624 $417,468 Total Equity 157,779 155,610 Long-term Debt, including Current Maturities 186,945 175,031 (a) Net of fuel surcharges.
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